May 04, Colombo (LNW): In a diplomatic encounter held in Colombo, North West Province Governor Nazeer Ahmed engaged in discussions with Saudi Ambassador Khalid bin Hamoud Al-Qahtani. The meeting, which took place yesterday, saw the Ambassador extending his congratulations to Governor Ahmed on assuming his role.

Amidst congenial exchanges, the two dignitaries delved into various topics of mutual interest, reflecting the shared concerns and aspirations between their respective nations.

May 04, Colombo (LNW): Fisheries Minister Douglas Devananda engaged in a crucial dialogue with Erik Solheim, President Ranil Wickremesinghe’s International Environmental Adviser and esteemed Peace Envoy appointed by the Norwegian Government during the turbulent period of the LTTE conflict, in Colombo on Wednesday (1). The focus of their discussion centered on Sri Lanka’s prevailing political landscape.

Minister Devananda underscored President Wickremesinghe’s pivotal role as the sole leader capable of navigating Sri Lanka through its current economic and political turmoil. Emphasizing the President’s internationally recognized political acumen, the Minister expressed confidence in Wickremesinghe’s dedication to crafting viable solutions tailored to address the unique challenges faced by the Tamil-speaking populace.

Reflecting on a conversation held 28 years prior with Erik Solheim, the Minister reiterated his stance that sustainable peace cannot be achieved through violence. He affirmed his belief that under President Wickremesinghe’s stewardship, Sri Lanka could chart a course towards robust economic progress while concurrently addressing the multifaceted concerns of Tamil-speaking communities and other ethnic groups.

Following his insightful political analysis, Minister Devananda earnestly implored Erik Solheim to leverage the support of the Norwegian Government in bolstering the country’s fishing community. Specifically, he urged measures to facilitate the provision of cutting-edge technology and fishing equipment essential for enhancing the livelihoods of fishermen nationwide.

May 04, Colombo (LNW): The Ports, Shipping, and Aviation Ministry have revealed ambitious plans for the transformation of Galle Port into a hub for tourism, marking a significant step towards bolstering Sri Lanka’s maritime infrastructure and tourism sector.

The proposed development includes the construction of two backwaters spanning 850m and 150m respectively, alongside dredging the harbor basin to a depth of 12.05m. Additionally, a state-of-the-art passenger terminal is slated for construction, aimed at enhancing the port’s capacity to cater to the growing influx of tourists.

In a bid to address environmental and wildlife concerns arising from the project, a high-level meeting convened by Ports, Shipping, and Aviation Minister Nimal Siripala de Silva was held on Thursday. The gathering saw the participation of Wildlife, Forest Resources Conservation, and Irrigation Minister Pavithra Wanniarachchi, as well as Health Minister Ramesh Pathirana.

During the meeting, Minister De Silva underscored the importance of expediting the project while ensuring robust measures to mitigate environmental impacts. Delays in the past, he noted, were attributed to inadequate strategies for addressing environmental and wildlife issues.

To fast-track the process, it was proposed that the Department of Wildlife submit an Environmental Impact Assessment Report within one week. Minister Wanniarachchi emphasized the urgency of this directive, urging officials to resolve all environmental concerns promptly.

Furthermore, Minister De Silva instructed the Sri Lanka Ports Authority (SLPA) to solicit Requests of Interest from both local and foreign investors keen on contributing to the project’s development, contingent upon the Environmental Impact Assessment Report.

With an estimated investment of US$ 200 million allocated by the SLPA, the development initiative underscores the government’s commitment to fostering sustainable growth and enhancing the country’s maritime infrastructure.

The discussion, held at the auditorium of the Ports, Shipping, and Aviation Ministry, witnessed the active participation of key stakeholders including Ports, Shipping, and Aviation Ministry Secretary K.D.S. Ruwanchandra, Wildlife Ministry Secretary Gunadasa Samarasinghe, SLPA Vice Chairman Gayan Algewattege, Managing Director Prabath Malavige, and Additional Solicitor General Vikum de Abrew, reflecting a collaborative approach towards realizing the vision for Galle Port’s transformation.

May 04, Colombo (LNW): Showers or thundershowers will occur at a few places in Western and Sabaragamuwa provinces and in Galle and Matara district after 2.00 p.m.

Misty conditions can be expected at some places in Western and Sabaragamuwa provinces, and in Galle and Matara districts during the morning.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

May 03, Colombo (LNW): According to credible sources, President Ranil Wickremesinghe has made the significant decision to schedule the presidential election for October 12, 2024.

These sources have indicated that the President arrived at this choice after consulting astrologers and considering their predictions.

May 03, Colombo (LNW): The government is continuing negotiations with bilateral and multilateral lenders including World Bank and Asian Development Bank along with donor countries to secure financing support for development projects, a finance ministry report revealed. Relevant agreements will be signed for foreign financing this year following the IMF Executive Board review to confirm that multilateral partners are continuing their financing contributions to Sri Lanka,

 In line with the interim policy adopted by the Government, the servicing of the external debt of affected loans obtained from bilateral and commercial creditors has been temporarily suspended for an interim period commencing from 12th April, 2022.

However the government is continuing the servicing of the debt of multilateral agencies like the World Bank, International Monetary Fund and Asian Development Bank.

The government will have to repay the accumulated foreign debt service payment amounting US$ $4.38 billion this year and settle $ 1billion International Sovereign Bond which will mature in March 2024, finance ministry data shows.

Accordingly principal repayment for foreign loans was at $2.07 billion and interest $540 million to multilateral financial agencies like the World Bank and Asian Development Bank

The government has already repaid $1.91 billion since February 2022 till February 2024 under the present administration, according to computation of quarterly debt reports of the finance ministry. 

The total debt repayments of multilateral agencies during the period of July 2022 to February 2024 was amounting to $ 1.34 billion. It has also repaid  bilateral loan installments of $571 million during this period.

Sri Lanka has repaid 1,338.8 million US dollars to multilateral lenders since President Ranil Wickremesinghe took office on July 21, 2022, his media office reported. .

A sum of 760.1 million dollars was repaid to the World Bank, 489.9 million to the Asian Development Bank and 22.3 million dollars to the European Investment Bank.

Another 22.9 million was repaid to the OPEC Fund for Development, 17.9 million to the International Fund for Agricultural Development, 9.8 million to the IMF, 7 million to the Asian Infrastructure Development Bank and 1.7 million to the Nordic Development Fund.

May 03, Colombo (LNW): Sri Lanka Inland Revenue Department (IRD) has been slowing down the implementation of reforms leading to revenue collection short fall this year although it has exceeded 2024 first quarter target by 13 percent.

State Finance Minister Ranjith Siyambalapitiya said that the IRD has collected to Rs   430 billion compared to the target of Rs 381 billion in the first quarter of 2024.      

Considering the achievement of higher than the target in the first quarter of this year and the revenue pattern, the 2024 will become a year in which the revenue targets can be achieved,” he said.

But the parliamentary committee on ways and means in its recent report following an in-depth study stated that the IRD is not in apposition to achieve the 2014 tax revenue target as it has so far failed implement its recommendations aimed at increasing tax revenue collection by 50 percent.    

For the year 2024, the Treasury has set the target of revenue collection at Rs. 2024.44 billion and it is more than half (53%) of the estimated tax revenue of  Rs 4164 billion  for the year 2024 indicated in the budget 2024.

The budget for the year 2023 has proposed the IRD to open 1.2 million of tax files within the year 2023 and however, the IRD was succeeded in fulfilling the target of opening of only 368,455 number of tax files in the year 2023 making the total  of 997,858,  tax files as at 31.12.2023. 

The Committee observed that Inland Revenue Department has default taxes amounting to Rs. 1066 billion as at 31.12.2023 under the two categories of collectable default taxes – Rs. 188 billion and held over default taxes – Rs. 878 billion.

Since the collection of taxes by the IRD is a cumbersome and prolonged legal battle, taxpayers tend to evade the payment of taxes which is the main revenue source of the government

Despite eight years having elapsed, the recommendation made by the Committee on Public Accounts in 2016 regarding the integration of information technology systems among key institutions responsible for collecting government revenue remains unimplemented to date.

As proposed by the International Monetary Fund (IMF), Wealth tax and Inheritance tax are to be introduced in the year 2024 and no methodology was introduced by the Ministry of Finance, or the IRD to be utililised to calculate and assess the wealth of a person.

Some professionals are hesitant to submit their information and therefore, it has become difficult to capture and regulate the unregulated financial market of the country

The unregulated market can be captured and regulated only by successfully implementing the integrated revenue management system

At the committee has recommended that the measures be taken to implement the Integrated Revenue Management System which could potentially boost the tax revenue of the IRD by 50 percent, excluding the need to raise any existing taxes.

It is recommended devising a mechanism to find out the actual income earned by the private schools, large scale private tuition classes, private hospitals, health channeling centers, surveyors, engineers, law firms and television and radio advertisements.

This could be done with the assistance of Grama Niladharis using a mobile app with the purpose of capturing and regulating the unregulated financial market.

May 03, Colombo (LNW): Selected branches of the Department for Registration of Persons will be in operation tomorrow (May 04) to facilitate students preparing for the upcoming GCE Ordinary Level Examination 2023 (2024).

The Department announced that its main office in Battaramulla and provincial offices in Galle, Kurunegala, Vavuniya, and Batticaloa will be open on Saturday.

These selected offices will serve GCE Ordinary Level Examination candidates from 08:30 am to 01:00 pm, exclusively for obtaining their National Identity Cards (NIC).

The Department emphasized that these offices will only function tomorrow for the benefit of GCE Ordinary Level Examination candidates.

Applicants who have not yet submitted their NIC applications have been urged to bring their completed application forms, certified by the Principal or Grama Niladhari.

May 03, Colombo (LNW): Former Sri Lankan cricket captain and ex-minister, Arjuna Ranatunga, has refuted recent reports suggesting his membership with the Samagi Jana Balawegaya (SJB).

While Ranatunga did attend the May Day rally of the SJB held in the Thalawakele area on Wednesday (May 01), he clarified that his presence was in response to an invitation extended by SJB MP Palani Digambaram. Ranatunga emphasized that his attendance should not be misconstrued as an indication of joining the SJB.